New research shows direct link between happiness and financial planning

Mark Rantall image

Mark Rantall

Australians who consult a financial planner feel happier, positive about their financial wellbeing, and more optimistic about the future than those who don’t, regardless of how much money they have[1].

This is a message the Financial Planning Association of Australia (FPA) is hoping to communicate to all Australians as it kicks off its 15th annual Financial Planning Week, which will run nationwide from today, Monday 24 August, to Sunday 30 August.

According to Mark Rantall, CEO of the FPA, Financial Planning Week aims to increase all Australians’ understanding of financial advice and the benefits it can bring. And greater happiness is a compelling benefit that advisers can discuss with clients.

“Too many Australians still believe that financial planners are only for the wealthy, yet nothing could be further from the truth. We know from the Investment Trends research that regardless of how much money people have, they feel happier and more in control of their financial future if they take the simple step of consulting a financial planner.

Mr Rantall went on to explain that Financial Planning Week is seeking to re-focus the conversation around financial advice by illustrating to consumers that the right advice from a professional financial planner can have a positive impact on their financial future, at every stage in their life.

“8.5 million Australian adults have unmet advice needs and 34 per cent of Australians are concerned they won’t have enough money to retire on.1 The role of financial planners is to find out their clients’ pain points and to help alleviate that stress.

“Financial pressure is a major source of stress for many Australians and depending on your life stage the trigger for this stress will be different. Recent Investment Trends research1 shows that inflation, rising prices and having sufficient money to retire on are ranked among the biggest concerns.

Financial Planning Week will look at the different life stages, from young to mid-life, pre-retirement and retirement and show how tailored, professional advice can improve financial outcomes at each and every stage.

This year’s program will include the popular “Ask an FPA Expert” free online forum, which gives consumers the opportunity to ask their burning financial questions and have them answered by an FPA Expert. FPA members have volunteered their time to answer questions via the forum which can be accessed at

Mr Rantall said that by talking about the benefits of financial planning and offering free consumer tools, such as Ask an FPA Expert and consumer blogs about relevant finance topics, he hopes that this year’s Financial Planning Week would help encourage more Australians to embrace the benefits of financial advice.

“We are determined to ensure that Australians who seek financial advice have access to trusted, qualified financial planners who always have their best interest at heart. The number of clients actively using a planner in Australia rose to 2.5 million last year, up 100,000 on the previous year, which is clear evidence that the value of quality financial advice is being recognised.

“We encourage all financial planners to use Financial Planning Week as an opportunity to spread the good word about the positive impact of their work on their local community and more broadly. Our Chapter Chairs will be engaging with their local media to spread the word as local ambassadors.

“We invite FPA members to promote Financial Planning Week within their own channels. One of the ways they can do this is by liking the FPA Facebook page and sharing the daily blog content with their own networks. As more Australians understand that financial advice can benefit them, at every stage of their life and regardless of their financial situation, we expect to see the number of people using a financial planner rise,” he said.

You must be logged in to post or view comments.